McDonald's plan to become 'modern and progressive' on-track

McDonald's boss Steve Easterbrook's oft-stated plan to create a "modern and progressive burger company" appears to be paying off, with the fast-food giant reporting a 5% increase in global sales for its fourth quarter.

Steve Easterbrook: the McDonald's CEO announces turnaround plan on track
Steve Easterbrook: the McDonald's CEO announces turnaround plan on track

Reporting on the three months to the end of 2015, the results showed an improvement in the burger chain’s US operations, its biggest market, where sales grew 5.7% compared to the same period the previous year.

Outside its US homeland, McDonald’s said sales were up 4.2% during the three months, driven by strong performances in the UK, Canada and Australia.

We are demonstrating that our turnaround plan is key to restarting growth and becoming a modern and progressive burger company

Easterbrook, the company’s British-born chief executive and president, was clearly upbeat about the performance, attributing it to "bold, urgent action in 2015 to reset the business".

Last May, Easterbrook used a webcast to address staff and investors during which he said he would not "shy away from the urgent need to reset the group".

Operating profit at McDonald’s was up 7% in Q4 2015 (16% in constant currencies).

For its full year, McDonald’s saw revenues up 7%, while operating profit was down 10% ( and flat in constant currencies).

The business credited its US performance to initiatives such as the October launch of its All Day Breakfast, as well as "unseasonably mild weather".

Easterbrook added: "We ended the year with momentum, including positive comparable sales across all segments for both the quarter and the year - a testament to the swift changes we made and the early impact of our turnaround efforts.

"We are demonstrating that our turnaround plan is key to restarting growth and becoming a modern and progressive burger company."

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